Pro basketball is big money, and stories about player salaries and contracts make big headlines. Despite all the hype, however, most professional players don't land multimillion-dollar contracts and lucrative endorsement deals. Rookies in particular typically make far less than their more seasoned colleagues, although a rookie phenom in the NBA could make substantially more than many players.

Draft Position Pays Off

Rookie or not, no player in the NBA makes less than $490,180 per season. Many rookies make more, depending on their positions in the draft. The earlier they are taken in the draft, the higher the salary for their rookie seasons, according to a set scale, will be. In the 2013 to 2014 season, the bottom 20 of the 30 first-round draft positions were scaled between $880,600 and $1,930,600. The top-draft pick salary was $4,436,900.

A Sliding Scale

These numbers can be somewhat deceiving. Under the NBA's collective bargaining agreement, rookies may actually earn as much as 120 percent or as little as 80 percent of the scaled salary amount assigned to their draft positions. This 20 percent-either-way variable is the reason professional athletes seek to hire skilled agents who can negotiate better actual salaries. After all, the actual salary of the top pick could range from $3,549,520 to $5,324,280, a difference of almost $2 million.

Commitments and Extensions

First-round NBA rookies sign a contract for two years for one team. That team, however, retains the right to extend the contract to resign the player to a third season. The team is allowed to exercise the option between the time the player completes his first season and the following Oct. 31. If a team exercises this third-year option, it retains the right to keep the player for a fourth season. Teams can exercise this option between the last day of the player’s second season and the following Oct. 31.

Harsh Realities

The salaries and options afforded first-round draft picks in the NBA don't apply to second-round picks or lower. This can make finding good agents, who don't want to risk representing players who may not get second or third years in the pros, difficult for players. Sound money management is critical, regardless of longevity. As many as 80 percent of NBA pros file for bankruptcy within five years of retirement.